주채무계열 규제와 경영자의 기회주의적 이익결정

The managements have to be taken the agreements to improve corporate financial structure including debt reduction and disposal of affiliates, restructuring, arbitrary arrests based on the outcome of Main Debtor Groups regulation. Therefore, their earnings have to be controlled in good condition as early as possible, in some cases, the discretionary income management will also have a manned. On the other hand, the intensified creditors' surveillance of the companies as well as periodic reports of the general activities can eased information asymmetry and the opportunism of the executive such as increasing reported earnings discretionary can be reduced due to the Main Debtor Groups regulation. The purpose of this study, therefore, is analysis the influence debtor's surveillance activities under the Main Debtor Groups regulation to typical opportunistic behavior, discretionary income adjustment. As a results from 5,855 firm-years for 2008 to 2013 using the discretionary revenue model, it appears that firms regulated relatively less adjust their reported earnings discretionary using revenue recognition. So, Main Debtor Groups regulation is identified as something that will bring a positive effect in terms of balance of information between creditors and business. However, despite this positive aspect of the regulatory, it appears that the regulated companies with higher debt ratio bring the more arbitrary adjustment in earnings relatively. It was evidence that debt ratio is still an important role as the motivation of the income adjustment.